Setting Up a Trust in New Jersey – Benefits and Process

Setting up a trust in New Jersey can be a valuable tool for estate planning and asset protection. Whether you are looking to ensure your assets are distributed according to your wishes, protect your wealth from creditors, or minimize estate taxes, setting up a trust can help you achieve your goals. In this blog post, we will explore the benefits of setting up a trust and the process involved in creating one.

Types of Trusts

There are several types of trusts available in New Jersey, each designed to serve different purposes. Some common types of trusts include revocable living trusts, irrevocable trusts, special needs trusts, and charitable trusts. Depending on your objectives, an experienced estate planning lawyer can help you determine which type of trust is best suited for your needs.

Benefits of Setting Up a Trust

One of the primary benefits of setting up a trust is avoiding probate. The probate process can be lengthy and costly, and it can expose your assets to public scrutiny. By placing your assets in a trust, you can ensure that they are distributed privately and efficiently according to your wishes. Additionally, setting up a trust can help protect your assets from creditors and minimize estate taxes.

Process of Creating a Trust

The process of creating a trust in New Jersey involves several steps. First, you will need to decide what type of trust best suits your needs and objectives. Next, you will need to select a trustee who will be responsible for managing the trust assets and distributing them according to the terms of the trust document. Finally, you will need to fund the trust by transferring ownership of your assets into the name of the trust.

Working With a Lawyer

While it is possible to create a basic trust on your own using online templates or software, working with an experienced estate planning lawyer is highly recommended. A lawyer can guide you in selecting the right type of trust for your specific situation, drafting a legally sound trust document that meets all legal requirements, and ensuring that the trust is properly funded.

Reviewing and Updating Your Trust

It is important to regularly review and update your trust as needed to ensure that it continues to reflect your wishes and objectives. Life circumstances change over time, such as marriage or divorce, birth or death in the family, changes in financial status, or health issues may require updates to be made on the terms outlined on how assets should be managed or distributed.

In conclusion, setting up a trust can offer numerous benefits for estate planning and asset protection purposes. Working with an experienced estate planning lawyer to create a tailored plan that meets your specific needs and objectives ensures that you have peace of mind, knowing that your assets are protected according to your wishes even after you pass away or become incapacitated.

Our New Jersey Estate Planning Lawyers at Lyons & Associates, P.C. Will Help You Set Up a Trust

Ready to set up a trust to protect your assets and ensure your wishes are followed? Contact Lyons & Associates, P.C. to schedule a free consultation with our experienced New Jersey estate planning lawyers. We’ll guide you through the process and help you create a trust that meets your unique needs and objectives. Call us at 908-575-9777 or contact us online today. Located in Somerville, Morristown, and Freehold, New Jersey, we serve clients in Somerset, Woodbridge, Morristown, Parsippany, Rockaway, Short Hills, Chatham, Randolph, Madison, Morris Plains, and Monmouth County.